The pair since the 31st of July, 2015 has aggressively oscillated from as low as 1.2981 to as high as 1.3173, the one of today’s two major zones.
At the moment the price is under strong downside pressures and in the scenario where the bears are able to exert far greater pressures they could re-engage in forcing the pair to drop from 1.3143 to 1.3079 and 1.3042 respectively.
Alternatively, in the event where the price breaks above the 1.3173 level it could likely escalate even higher to 1.3245.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.